Selection of condos available for sale in Downtown San Diego will continue to be tight. As of March 2021, only 2.0% of the total condo market is up for sale (roughly 220 for sale out of 10,850 total condos). If you want to buy a condo hurry up and start shopping in person and try to buy one before your choices become more limited and you eventually face more competition. On average most condos are selling within 18 days and at 98% of asking price. I expect the number of days on the market to be even less as we get through spring and into summer.
The downtown market has been the slowest area of SD to recover from Covid. Reason is its a dense community and a lot of buyers stayed away from downtown last year. Now with vaccines available and people not as afraid as they were last year the out of town buyers are starting to come back looking and buying places.
Im expecting very little turnover this year. If you want a brand new condo, you have to wait till 2024 or later as there are no new condo buildings under construction at the moment. A lot of owners have been doing total remodels on their existing condos, so its possible to buy a resale with a newer interior. All but two condo buildings in downtown are over 10 years old now, most are 15-20 years old and just a select few over 20 years old.
In 2021 the California Association of Realtors economist is projecting prices to rise 4.1% on average statewide. Corelogic is projecting prices in San Diego to go up 8%. Zillow is projecting prices to rise 9.7% in downtown San Diego (92101) next year.
There are two huge construction projects going on in Downtown San Diego that will add several thousand jobs and buyers for near by residential properties. To read about them see the articles on my blog.
Welcome to "La Vita" Beautiful Building. Like a Fines Resort, city lights in the Heart of the world Famous "Little Italy" Enjoy the Bay Views from the Balcony! this Condo...
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